HOW TO IMPROVE CREDIT SCORE

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HOW TO IMPROVE CREDIT SCORE

• Are you thinking of applying for a payday loan in
  Australia? Then credit score is an important
  factor in your financial life. The higher your
  credit score, the more likely you are to qualify
  for loans and credit cards at the most favourable
  terms which will save your money.
• If your credit card score is lower than you would
  like it to be, you are not alone. Getting
  rejected for loans and credit can be daunting in
  Australia. The good news is that you can recover
  from a lower than you would like credit score.
  We have got some simple steps to help you improve
  your credit score and get your finances back on
  track!

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1. Pay your bills on time Did you know
that your payment history makes up 35 of your
overall FICO score? This means, every time you
miss a payment, your score takes a hit. To avoid
this, you could set up automatic payment methods.
This will guarantee you never fall short on the
due date!
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2. GET CREDIT CARD
If you dont own one already, its time you
consider getting a credit card. However, it is
important to refrain from splurging. You could
start with a low spending limit and then make
small changes that can be paid off in full each
month. This will increase your credit score. Your
lender will be able to notice you are a reliable
and responsible borrower.
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3. Pay off debt
Did you know that the amount you owe on accounts
make up to 30 of your FICO credit score? To
improve your credit score, pay off your debt in
installments!
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4. Regularly monitor and review your credit
report
It is very important to check your credit report
regularly. Did you know that you could obtain a
free credit report each year? Alternatively, you
could also sign up for the monthly subscription
to get your Equifax Score and monitor changes on
your credit report by setting up credit alerts.
If you spot any unusual activity, make sure you
contact Equifax.
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5. Apply for credit ONLY when you need it
Unnecessary credit can harm your credit score! It
could create many hard inquiries on your credit
report. Moreover, it may tempt you to overspend
and accumulate debt.
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5.Be Patient
We get it. Having a perfect credit score is a
dream. But lets face it, your credit score wont
arise overnight. This is one reason why you
should focus on developing good long-term credit
practices. Establish good habits, as mentioned in
the above steps, and you will start seeing the
difference in your credit score in time.